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Q7: What are foreclosures and how do I learn more about buying foreclosures? – Answer: Foreclosure is a legal process that allows a lender/bank to sell or take possession of a property due to non-payment of a loan that is secured by that property. RealtyTrac posts properties that have already been foreclosed (Bank Owned) and properties that are in the foreclosure process (Pre-Foreclosure, Auction). Buyers have three opportunities to purchase property during foreclosure. Buying Pre-Foreclosure, Buying at Auction, Buying Bank Owned (REO)
Q: What does it mean to be in foreclosure? – A: According to dictionary.com, to foreclose is to deprive (you) the mortgagor of the right to redeem mortgaged property, when payments have not been made. When you have missed two months worth of payments you have defaulted on your loan, but you are not yet in foreclosure. The foreclosure proceedings will not initiate until the mortgage lender or bank submits paper work to a prosecuting attorney.
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Providence Rhode Island foreclosure
Q5: How do I contact the lender to buy a bank-owned property (REO)? – Answer: If the property is Bank Owned (REO), your first step is to contact the bank, called the lender on RealtyTrac’s Property Details page. The lender now owns the property. You should ask for the lender’s REO department or bank-owned property department to proceed with possibly buying the property.